[¶11,304] In the Matter of Investors Fiduciary Trust Co., Kansas City, Mo., Docket No. FDIC-96-033q (6-26-96)
Liability for all of bank's deposits having been assumed by another institution, FDIC terminates bank's insured status.
In the Matter of
INVESTORS FIDUCIARY TRUST
(INSURED STATE CHARTERED
ORDER OF APPROVAL OF
TERMINATION OF INSURANCE
Pursuant to section 8(q) of the Federal Deposit Insurance Act (the "Act"), 12 U.S.C. § 1818(q), and section 18(i)(3) of the Act, 12 U.S.C. § 1828(i)(3), the Federal Deposit Insurance Corporation ("FDIC"), having found that State Street Bank and Trust Company, Boston, Massachusetts ("State Street"), has provided to the FDIC on January 30, 1996, satisfactory evidence that it has assumed the liabilities for deposits of Investors Fiduciary Trust Company, Kansas City, Missouri ("IFTC"), as of January 26, 1996, as required by section 307.1 of the FDIC's Rules and Regulations, 12 C.F.R. § 307.1, hereby issues the following ORDER:
IT IS HEREBY ORDERED, that the status of IFTC as an insured State chartered trust company, hereby is, terminated as of January 30, 1996.
IT IS FURTHER ORDERED, that the separate insurance of all deposits assumed by State Street from IFTC shall terminate at the expiration of July 26, 1996, or in the case of any time deposit, the earliest maturity date after July 26, 1996, as provided in section 8(q) of the Act, 12 U.S.C. § 1818(q).
IT IS FURTHER ORDERED, that IFTC shall give notice of such assumption to each of the depositors of IFTC within 30 days after such assumption has taken effect, if it has not already done so, in a manner acceptable to the Regional Director of the FDIC's Kansas City Region.
Pursuant to delegated authority.
Dated at Washington, D.C., this 26th day of June, 1996.